New York Markets After Hours

Tesla down nearly 3% on fewer Norway sales, LG plant

SAN FRANCISCO (MarketWatch) -- Shares of Tesla Motors Inc.
TSLA, +0.08%
fell nearly 3% on Wednesday, and the stumble wiped out weekly gains for the stock. The electric car maker sold fewer cars in Norway, one of its top markets in Europe. Tesla sold 536 electric cars in Norway in June, up from 373 in May but down from a high of 1,493 cars sold there in March, according to data compiled by auto industry analysts at OFV in Oslo. Some investors also pointed at worries brought on by LG Chem's signing a memorandum of understanding to build a battery plant in China to supply automakers such as Chinese state-owned SAIC Motor Corp. and General Motors
GM, -0.10%
hoping to capitalize on the growth of electric cars in China. Tesla started selling cars in China in April, and Chief Executive Elon Musk has vowed to build cars in the country in the next three to four years. Tesla had planned an announcement about its own battery plant in June, but has kept mum about it so far.

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